How PinMeTo CEO Daniel Melkersson grew PinMeTo to $18.8M revenue and 650 customers in 2024.

hey folks my guest today is daniel melkerson he is building pin me 2 which offers a sas platform for managing business information and online conversations of large multi-location organizations across thousands of online services apps and other directories they do this to boost brand management and drive foot traffic and increase sales daniel you ready to take us to the top yes all right so when we last spoke actually we spoke a couple times but you communicated your sort of last round of funding was back in december of 2020 i think a 2 million series a correct yeah and so we're going to bridge back to how you funded the business since then if you raise any extra capital if you're planning to but first for people that missed our first episode together who's paying for the pin me too platform uh our end customers that's the question no i mean obviously daniel i know that but who are the customers who's paying for your technology yeah yeah sure our customers are large uh multi-location brands it can be anything from retailers like h m and to to car dealerships like volvo so yeah and so volvo would use you and across a hundred or so dealerships in a certain geography or something like that and they would use you to drive traffic to those dealerships yes exactly same thing with hmm but for their stores okay and so how many customers are you working with now today it's around 500 okay around five so you said 550 last time are you above 550 now have you been have you decreased a little no no no then it's uh it's around 500 i think if it was 556 i am not 100 sure it depends on how we calculate it because we usually we don't calculate s and b's which is which we call customers under 50 locations but if i bring them in as well it's over 700. so it's it's large companies it's around 500 but if we calculate the few smbs we have as well it's over seven hours okay okay um it makes sense you obviously just split those into cohorts but just to be clear all 700 are paying at least a dollar per month they're all paying customers yes yeah okay very cool so how have you how have you been signing these folks up right what's your go to market look like in terms of growth it's been we're doing b2b outbound sales mostly of course we have a communication and a marketing department but they are heavily focused on helping our sdrs to book more meetings and getting more inbounds sales approach and how how many quota carrying reps do you have today uh quota carrying i would say 25. about 25. and are you and what percentage guess of your total team do they make up what's the total team size today uh uh of the whole company or the sales team whole company 85 85. so teach us a little bit about sales a lot of founders are trying to scale their sales teams you have a large chunk your team dedicated to sales did you make any mistakes in your first couple sales hires yes yes a lot of them i think that the biggest mistake or in the beginning you're trying to do everything you're the you're the startup you're the founder you're the sales guy and then you hire a few sales people that can do the same you can imitate yourself you're doing everything in sales you book the meetings you you you have the meetings you close the deals i would say out if i'm gonna do this again i'm gonna make sure to to hire sales developers or uh to book the meetings and then uh sales managers to to handle the the carrying parts so what's the ratio now how many sdrs per ae it's something we we should be better at i would say it's one to one at the moment so we have one sdr for one sales manager we would like to see two one str the two sales managers but still it's quite big deals it's not super small deals so the sdrs is doing quite complicated outreach and very very very qualitative outreach just so maybe the ratio is good i don't know maybe your data could tell me something more about that i don't know oh what's going on there youtube good to see you guys now imagine this you love watching these interviews with sas founders but imagine if we took all of the valuation data out from over 2807 interviews i've done manually saves you a lot of time well we've done this we've built it into the beautiful interface inside of founder path check this out i'll show you how you can access this in a second but you log in you connect your stripe account you see your valuation real time you can see what it changed over the past 88 days and even set goals for valuation this year now the secret evaluation is there's many different ways to value a sas business so the reason you're going to see three or four different valuations inside of your frowner path dashboard this is all free by the way is because depending on who's doing the buying of your sas company you're going to get a different valuation a vc is going to pay a different valuation private equity firm is different if you're going to do a minority sale that's different and if you sell the whole business that's a different valuation you can see all those when i hover over here right so the teal is what a vc would pay yellow is what private equity and red is if you sold the whole thing outright now what's cool about this is this is not built off random data again you guys hear these interviews on youtube all these datas are built from real-time valuation data points founders share with us on the show so traction 1.2 million seed round 3.7 raised they sold 22 percent to their business go in here and filter by the event maybe you only want to see companies that have sold the whole business well here are a bunch that have been acquired the valuation and the multiple maybe you're going out right now and you're raising your seed round well go in here and look at all this recent seed deals that went down what they raised what valuation they raised at and what percent that they sold there's never been a larger data set of sas valuations than what you can get now inside of founderpath and we're thrilled to bring it to you all right we're going to go back to the youtube video here in a second but if you want to check this tool out if you want to jump in and sign up you can check it out for free to get your valuation at this link this link founderpath.com forward slash products forward slash evaluations or if you go to founderpath.com and hover over products click on get your valuation here and go ahead and sign up to give it a whirl again all that valuation data live right inside the platform i hope to see you there all right let's jump back into the interview take me into the life of a pin me to account executive right in a given week how many demo calls are they probably doing uh anything between i would say 12 and five i see and then in a given month what what quota do you expect them to hit uh and i give them let's see i only have it in in year and it's a year is fine yeah around two million two hundred thousand okay so you expect them to close to about 2.4 million of new ar each year yeah okay that's a that's a lot do you have reps that are hitting that quota yes wow okay that's impressive i mean most folks you know you know it's a million dollar quota target how have you been able to get your reps to perform at such a high level i would say so it's maybe five out of the 20s hitting that target but what they've done is they've been here a few years between two to five two to four years and they've built up quite a big uh number of leads they're working on so it's everything between large companies and enterprise deals so they have a few enterprise deals that they close every year and then quite a lot of smaller ones i think that do those aes that have been with you for many years do they get to keep the customers they signed three years ago and they count all the expansion revenue into their quota target no they leave they leave that when we leave it to the onboarding team in ces to take over then why do you believe it's an advantage that reps that have been with you for a longer period of time are hitting higher quota i mean you just said it was relationships yeah years ago right yeah they built up more more relationships and some enterprise deals takes years okay interesting so when you say you know deal prices are pretty big i mean what's the average customer paying you per month or per year uh uh 1500 per month or a year per month per month okay got it so i mean can can i take 1500 per month times 700 customers you're doing about a million a month in revenue right now that should be more sorry you're doing you're doing more than a million a month in revenue no we're not a little bit under yeah okay okay well yeah because remember you told me the 700 customer number you said you also included your small smbs and that so maybe yeah yeah that's what that's why know i'm not calculating them so you should take that number i said times uh uh 500 customers instead and that is totally i see the truth yeah i see i see okay so i guess i should just ask you so so what are you doing monthly right now in terms of monthly occurring revenue uh yeah i know last year we we the rr was five million and now we were doing uh mrr i would say 200 to so i don't have it in my sorry sorry nathan no that's a good take your time i'll do this...